Fed to lean on labour market as leading indicator, EU Ministers set to discuss change to natural gas price ceiling, Yen whipsaws over conflicting reports on monetary policy.
December 19, 2022
Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.
GBP/USD 1.2211 GBP/EUR 1.1506 EUR/USD 1.0613 USD/CAD 1.3641 EUR/CHF 0.9884 EUR/SEK 10.9971 EUR/NOK 10.4791 EUR/DKK 7.4381 USD/ILS 3.4397 AUD/USD 0.6720 NZD/USD 0.6391 USD/SGD 1.3561 USD/JPY 136.15 USD/CNH 6.9797 USD/INR 82.8401 EUR/ILS 3.6506 GBP/ILS 4.2002 USD/ZAR 17.2449
Chancellor Jeremy Hunt has announced that the governments next budget will be announced on March 15th. Sunak and Hunt face a difficult task as they try to build on their last fiscal event and restore further fiscal responsibility to the UK economy. Meanwhile, they are faced with an economy already in recession and inflation near a 40-year high.EUR
EU ministers are set to meet today to discuss revising the natural gas price ceiling, cutting the planned cap by almost a third, in a bid to break a deadlock and cushion the impact of the energy crunch. Higher prices are forecasted to have cost Europe €1 trillion and gas markets are expected to remain tight until 2026.USD
Federal Reserve Chair Jerome Powell has identified a new leading indicator to guide his fight against inflation. The Federal reserve will use a price-gauge which covers everything everyday consumers might require. In Powell’s speech before the Fed’s final rate hike he said, that “the labour market holds the key to understanding inflation in this category".ASIA/PACIFIC
JPY whipsawed through Monday morning, after Kyodo said on Saturday that the government may seek to revise an accord and consider adding flexibility to the 2% inflation goal. This could potentially pave the way for an end to the loose monetary policy. The gains were erased after a top-government spokesman denied the report.ILS
USDILS trades 0.4% lower intraday. Israel’s preliminary GDP rose 1.9% QoQ according to the Central Bureau of Statistics.Data & Events
US NAHB Housing Market Index
EU Energy Ministers meet in Brussels
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